In a groundbreaking move for Vietnam’s burgeoning cryptocurrency landscape, South Korean firm Dunamu, the driving force behind the popular exchange Upbit, has inked a memorandum of understanding (MoU) with Vietnam’s Military Bank, MB Bank. This partnership marks a pivotal moment, as it promises to establish the country’s very first crypto exchange, revolutionizing how digital assets are perceived and traded in the nation.
The signing ceremony took place on a notable Tuesday and gathered key figures from both countries’ cryptocurrency sectors, underscoring the importance of this collaboration. Notably, Dunamu will not only bring its successful exchange model and advanced technology to Vietnam but will also assist MB Bank with critical aspects such as regulatory compliance, investor protection, and talent development in the crypto sphere. As noted by MB Bank’s Chair, Luu Trung Thai, “MB and Upbit will work together as trusted partners to advance Vietnam’s digital finance market.”
Vietnam has recently transitioned into a formal regulatory environment for cryptocurrencies, primarily driven by the passing of the Law on Digital Technology Industry in June. This landmark legislation provides a framework for defining, classifying, and managing crypto assets in the country. This development comes after years of regulatory uncertainty, which had threatened Vietnam’s standing in the international financial landscape, particularly as it was placed on the Financial Action Task Force’s “grey list” for insufficient anti-money laundering protections surrounding virtual assets.
🇻🇳 Vietnam has officially legalized crypto assets, introducing its first legal framework to regulate digital currencies and virtual assets. Here’s what the new law covers. #Vietnam #CryptoLaw https://t.co/p3SC5jp9UL— Cryptonews.com (@cryptonews) June 16, 2025
After years of pressure and scrutiny, the new law is expected to unleash a wave of innovation within the digital asset framework. Dunamu’s Vice Chair and co-founder, Kim Hyoung-nyon, made a noteworthy visit to meet with Vietnam’s Prime Minister, Pham Minh Chinh, where he affirmed the company’s commitment to fostering Vietnam’s digital economic cooperation.
CEO Oh Kyoung-suk shared insights into the immense potential of the Vietnamese market, citing over 20 million crypto holders and an astounding $800 billion in trading volume. This positions Vietnam as the fifth-largest country on the global crypto adoption index as of last year, according to data from Chainalysis. He stated, “When this growth potential meets the Upbit model, it will be a chance to build not just an exchange but Vietnam’s entire digital financial infrastructure on a foundation of trust.”
As exciting as the future seems for Vietnam’s crypto scene, it’s worth noting that Dunamu itself is experiencing significant growth. The company recently reported an impressive threefold increase in cash dividends for its shareholders. In a surprising turn, Dunamu announced in March its plans to allocate nearly 300 billion won (approximately $204.5 million) for this purpose, along with an 85.1% year-over-year rise in operating profit. This surge has been largely attributed to increased investor enthusiasm and optimism stemming from favorable developments in pro-crypto regulations across various jurisdictions.
The collaboration between Dunamu and MB Bank not only sets the stage for exciting developments in Vietnam’s financial landscape but also showcases the potential for regional cooperation in the blockchain and cryptocurrency space. As these two companies venture forward, the hope is that they will not only pave the way for a more robust regulatory framework but will also inspire other nations in Southeast Asia to embrace the digital currency evolution.
So, what does this mean for the average investor? The convergence of established technology from Dunamu and the growing appetite for digital assets in Vietnam could lay the groundwork for a vibrant and reliable crypto ecosystem, inviting more capital and innovation into the region. Keep an eye on this partnership, as it may well be a catalyst for significant changes in both the Vietnamese economy and the broader cryptocurrency market.
As we move forward, it’s essential for enthusiasts and investors to stay informed and engaged in this unfolding narrative. If you’re looking to dive deeper into the specifics of Vietnam’s new crypto regulations or follow Dunamu’s journey in this venture, be sure to check out reputable sources like CoinDesk for the latest updates and insights.